Internal Control inside the Company Assignment Example | Topics and Well Written Essays - 1750 words - 2

Internal Control inside the Company - Assignment Example Oakdale conducts these transactions via a computer link to a registered brokerage. Purchase and sales authorizations, along with broker’s advice, are maintained in an electronic file with authorized access by Oakdale’s treasurer. An electronic inventory list is kept perpetually. The transactions are keyed in by accounting personnel who receive a buy/sell transaction sheet from the treasurer. Deposits of checks for interest and dividends earned on investments are also recorded by the accounting department. Each month, the accounting manager and the treasurer prepare journal entries required to adjust the short-term investment account. The Solomon Auditor discovered that there was insufficient backup documentation attached to the journal entries reviewed to trace all transactions. 1- †¢Authorization of transactions is required to adequately safeguard assets against fraud and illegal transactions and provide a level of internal control. A formal system of transaction authorizations allows the commitment of company resources in accordance with management goals and objectives. Transactions must be executed according to the terms of their general or specific authorizations, by responsible personnel acting within the scope of their prescribed authority and responsibility. 2- Complete and accurate record keeping is necessary to assure that prompt, timely, and accurate recording of transactions or economic events occurs. Companies must make and keep books, records, and accounts that, in reasonable detail, accurately reflect the transactions and dispositions of assets. Furthermore, the recording of transactions is necessary to permit preparation of financial statements in conformity with GAAP. 4- Internal verification refers to the independent review of the accuracy and propriety of another party’s work, and the testing of the  recorded accountability for assets as compared to existing assets at reasonable time intervals.  

Business Level Cooperative Strategy Term Paper Example | Topics and Well Written Essays - 1750 words

Business Level Cooperative Strategy - Term Paper Example According to the study findings  strategic alliances can be defined as co-operative agreement and arrangements between the two or more partners, and hence, the co-operative relationship management is one of the prime requirements in strategic alliances.   The strategies aim to meet this requirement are known as the business level co-operative strategies. Co-operation is one of the basic attributes of the strategic alliances and the partners must have a clear understanding of this attribute for framing a set of business level co-operative strategy. Kwok and Hampson have identified the very specific parameters to measure and frame the co-operative strategies in case of strategic alliances. Firstly, the level of co-operation should be out of any kind of mutual desire or need. Secondly, a partner must co-operate for sharing risk. Thirdly, partners’ co-operation should determine a strong foundation for business growth. Finally, the co-operation must aim to minimize â€Å"the l ikelihood of opportunistic behavior†.This paper highlights that  the need for greater consolidation within the highly capital intensive aerospace and defense industry segment has paved the way for greater alliance and collaboration among various organizations for an effective supply chain management.  The need to develop high-end research has also promulgated the need to have greater strategic alliances with international partners.  For example, the NATO partners are actively trying to enter into greater collaborations and strategic alliances with the US and European companies in a bid to improve upon the efficiency of the companies.